[ad_1]
CHAMPAIGN – The parent company of Arby's, Buffalo Wild Wings and Sonic Drive-In, has agreed to buy Jimmy John's, the Champaign-based sandwich company founded by Jimmy John Liautaud.
Inspire Brands made the announcement Wednesday morning and said that the deal had been unanimously approved by the board of directors of Jimmy John, including Liautaud.
The transaction should be finalized by the end of October. The sale price has not been disclosed.
"Jimmy John's found the perfect home at Inspire," Liautaud said in a statement. "Inspire's long-term approach, its culture of innovation and commitment to brand growth sets it apart from others. I could not be more proud of the company. We have built, and I can not wait to see what Jimmy John's is capable of accomplishing under Inspire's leadership. "
Liautaud founded Jimmy John's in 1983 in Charleston and now has more than 2,800 institutions in 43 states.
In 2016, Jimmy John's sold a majority stake in his business to Atlanta-based private equity firm Roark Capital Group.
In this transaction, Liautaud remained the largest individual shareholder and became chairman of the board.
As part of this deal, he will step down as president and become brand advisor, Inspire said.
This is a story in development.
[ad_2]
Source link